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Venezuela's participation in Brazilian refinery may be paid with oil

Brazilian daily newspaper Folha de Sao Paulo said the proposal made by Venezuelan state-owned oil company Pdvsa aims at delivering Brazil some 70,000 oil barrels per day for its participation in Abreu e Lima refinery, which commissioning is scheduled for late 2014

EL UNIVERSAL
Tuesday February 19, 2013  04:37 PM
Venezuelan state-run oil company Pdvsa proposed Brazilian state-owned oil company Petrobras to pay for its participation in Abreu e Lima refinery with oil, daily newspaper Folha de Sao Paulo reported on Tuesday.

The partnership between the two oil companies was agreed in 2005 by then President Luiz Inácio Lula da Silva and Venezuelan President Hugo Chávez. Under the agreement, Pdvsa's financial contribution would amount to 40% of the cost, which is currently estimated at USD 17.1 billion, compared to USD 2.3 billion estimated back in 2005.

To date, the construction works of the refinery have been afforded by Petrobras only, which, according to Folha de Sao Paulo, has already invested more than half of the money needed to complete the project, DPA reported.

Based on information from Folha de Sao Paulo, Venezuela has offered to deliver Brazil some 70,000 barrels of oil per day so as to pay for its participation in the plant, which commissioning is scheduled by late 2014.

Notwithstanding, the proposal faces some hurdles within Petrobras, as the firm prefers money in cash, but the final decision is the hands of the Brazilian president as well.
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